In late February, a recent bullish spike has pursued towards 1.2150 - 1.2200 where bearish rejection was previously anticipated.
This was followed by a long-duration bearish movement towards 1.1690 where a bullish pullback has been initiated since then.
This bullish pullback towards the price zone of 1980 failed to find sufficient SELLERS.
That's why, more bullish advancement was demonstrated towards 1.2050.
Currently, failing to apply sufficient bearish pressure around 1.2000, has allowed more bullish movement to pursue towards higher price levels.
More bullish advancement was expected to pursue towards 1.2100 - 1.2150 where bearish rejection was previously anticipated.
Although transient bullish breakout above this level was temporarily expressed, significant bearish momentum has emerged bringing the EURUSD pair back below 1.2050.
As the price levels were quite overpriced recently, bearish persistence below the current price zone of 1.2050-1.2000 was needed to establish a short-term downtrend.
Hence, more bearish decline would be expected towards 1.1970 to be watched cautiously for further decisions to be taken.
As depicted on the chart, Bearish breakout below 1.1970 will probably enable more bearish decline initially towards 1.1925
